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Who Remains Unbanked in the United States and Why?

Author

Listed:
  • Paul Calem
  • Christopher Henderson
  • Jenna Wang

Abstract

This paper examines factors associated with unbanked status among US households from 2015 to 2019 using FDIC survey data with fixed effects and multilevel modeling. With rising incomes reducing unbanked percentages overall, unbanked status became more concentrated among single and disabled individuals and noncitizens, less concentrated among younger households, and less strongly tied to unemployment. Digital access limitations and lower (state-level) financial literacy became more closely associated with unbanked likelihood. These findings suggest that addressing the digital divide and enhancing financial literacy could promote inclusion. However, unexplained structural factors persist, particularly regarding racial and ethnic gaps, indicating need for more granular data.

Suggested Citation

  • Paul Calem & Christopher Henderson & Jenna Wang, 2026. "Who Remains Unbanked in the United States and Why?," AEA Papers and Proceedings, American Economic Association, vol. 116, pages 294-298, May.
    • Handle: RePEc:aea:apandp:v:116:y:2026:p:294-298
    DOI: 10.1257/pandp.20261007
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    More about this item

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population

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